Core Viewpoint - Lenovo Group has achieved a record high in global PC market share, with accelerated growth in AI business, leading to overall performance exceeding expectations [1] Group 1: Performance Highlights - Lenovo reported a revenue of $22.204 billion for Q3 FY26, representing an 18% year-on-year increase; Non-HKFRS net profit reached $589 million, up 36% year-on-year [2] - AI-related business grew by 72% year-on-year, contributing 32% to total revenue, making it a key growth driver for the company [2] - The company demonstrated effective cost control, resulting in an operating profit margin increase of 0.6 percentage points to 4.3%, indicating ongoing recovery in profitability [2] Group 2: Market Position and Supply Chain - According to IDC, Lenovo's global PC market share reached 24.9% in 2025, a historic high, with Q4 2025 alone achieving 25.3% [3] - Lenovo has outpaced industry average PC sales growth for ten consecutive quarters, attributed to its strong global supply chain management and product innovation capabilities [3] - The company has implemented long-term contracts and flexible pricing strategies to mitigate cost pressures from rising prices of key components, maintaining a stable operating profit margin of 7.3% in the IDG business [3] Group 3: AI Server Business - The Infrastructure Solutions Group (ISG) reported a revenue of $5.176 billion for the quarter, a 31% year-on-year increase, with AI server revenue showing high double-digit growth [4] - The project order backlog for AI servers reached $15.5 billion, indicating strong demand and future growth potential [4] - ISG is undergoing a one-time restructuring to enhance efficiency, with expectations of achieving profitability in Q4 FY26 [4] Group 4: Profit Forecast and Valuation - Based on the continuous increase in PC market share and effective cost management, the profit forecast for FY26 Non-HKFRS net profit has been raised by 6.5% to $1.801 billion, while FY27 profit estimates remain largely unchanged [5] - The current stock price corresponds to Non-HKFRS P/E ratios of 8.2x and 7.5x for FY26 and FY27, respectively, significantly lower than some comparable companies [5] - The company’s valuation is expected to have upside potential driven by AI-driven growth and improved profitability [5]

盈利端虽受战略性重组一次性费用影响，净利润同比有所下滑，但剔除非经营性项目后，调整后归母净 利润达 5.9 亿美元，同比增长 36%，调整后净利润率提升至 2.7%，核心盈利表现亮眼。成本端，公司 费用管控成效显著，费用 / 收入比同比大幅下降 1.3 个百分点至 10.8%；研发端，在持续加大 AI 等核心 领域投入的同时，研发费用投放效率提升，研发费用同比增长 3% 至 6.4 亿美元，为长期发展筑牢技术 根基。 对于联想集团未来业绩，国投证券国际给出乐观预期，预计 2025/26 财年和 2026/27 财年的经调整净利 润分别为 18.2 亿美元(yoy+26.2%)和 21.0 亿美元(yoy+21.0%)。从长期财务预测来看，2026-2028 财年公 司收入将持续稳步增长，毛利率逐步回升，ROE 维持在 20% 以上的较高水平，盈利能力与运营效率持 续优化，存货、应收账款周转天数不断改善，整体财务状况向好。 2026 年 2 月 13 日，国投证券国际发布联想集团(992.HK)最新研报，公司 25/26 财年第三季度业绩交出 超亮眼答卷，收入突破财季历史最高纪录，所有业务集团均实现双位数增长， ...

服务器业务方面，高盛看好公司通过扩大CSP客户渗透及提升AI服务器占比，实现收入规模与盈利能力 同步改善。基于收入上调及费用率优化，高盛将FY2026净利润预测上调13%。 近日，高盛发布研报称，联想FY3Q26业绩公布后维持积极看法，认为其在存储成本上行周期中受冲击 相对较小，得益于领先的市场地位、规模优势以及较高的商用机型占比。 ...

营收利润双升，AI业务贡献度持续提升 财报显示，FY26Q3公司实现总收入222亿美元，同比增长18%，显著高于市场一致预期；经营利润9.48 亿美元，同比增长38%，经营利润率提升至4.3%。在费用率下降1.3个百分点的带动下，盈利结构持续 优化。 值得关注的是，AI相关收入同比增长72%，占集团整体收入比重提升至32%，成为拉动公司增长的关键 动力。剔除一次性因素后，调整后归母净利润同比增长36%，净利率提升至2.7%，显示主营业务盈利质 量明显改善。 IDG稳居龙头，ASP提升对冲出货波动 智能设备业务(IDG)当季收入157.6亿美元，同比增长14%，经营利润率维持在7.3%的行业领先水平。根 据IDC数据，全球PC市场延续复苏趋势，公司全球份额提升至25.3%，连续第二个季度成为全球唯一份 额超过25%的厂商，龙头地位进一步巩固。 在AI算力需求加速释放、终端换机周期逐步开启的背景下，联想集团交出一份超预期的季度成绩单。 中信证券最新发布研报指出，公司FY26Q3营收与利润双双提速，盈利能力稳步提升，AI相关业务成为 核心增长引擎。在产业链议价能力与全球布局优势支撑下，公司有望在零部件涨价周期中保持 ...

国盛证券对联想集团未来发展作出积极预测，预计公司 25/26FY、26/27FY、27/28FY 营业收入分别为 802、871、929 亿美元，同比增长 16.1%、8.6%、6.6%；非香港财务报告准则归母净利润分别为 17.9、 19.7、23.1 亿美元，同比增长 24.3%、9.7%、17.3%。结合公司行业龙头地位与未来成长性，券商给予 公司合理市值 1537 亿港元，对应目标价 12.4 港元 / 股，维持 "买入" 评级。 作为全球智能设备与基础设施领域的领军企业，联想集团正凭借 AI 全产业链布局、核心业务的持续升 级以及精细化的运营管理，穿越行业周期实现高质量增长。随着 AI 技术的持续渗透、各业务板块的协 同发展，联想集团有望在人工智能时代持续抢占发展先机，迎来业绩与价值的双重提升。 PC 核心业务的竞争力进一步巩固，高端化与 AI 化双轮驱动发展。Q3 IDG 业务收入同比增长 14% 至 158 亿美元，AI PC 营收实现高双位数增长；据 IDC 数据，联想 PC 市占率同比提升 1 个百分点至 25.3%，出货量达 1930 万台，行业龙头地位愈发稳固。在 2026 CES 上， ...

Core Insights - Lenovo Group reported a record high revenue for the third quarter of the fiscal year 2025/26, achieving $22.2 billion, a year-on-year increase of 18% [1] - Adjusted net profit surged by 36% to $589 million, with profit growth outpacing revenue growth, indicating a significant improvement in profitability [1] - AI-related revenue became a key growth driver, soaring by 72% and accounting for 32% of total revenue, showcasing the successful implementation of the AI strategy [1] Business Segment Performance - The Intelligent Devices Group (IDG) generated approximately $15.755 billion in revenue, a year-on-year increase of 14.3%, with global PC market share rising to 25.3% [2] - The Infrastructure Solutions Group (ISG) reported revenue of about $5.176 billion, a substantial increase of 31.42%, with cloud infrastructure revenue reaching new highs and operational losses significantly improving [2] - The Solutions and Services Group (SSG) achieved revenue of approximately $2.652 billion, up 17.52%, with operating profit margin nearing historical highs at 22.5% [2] Future Outlook - Forecasts for adjusted net profit for fiscal years 2026-2028 are $1.731 billion, $2.023 billion, and $2.268 billion, with respective growth rates of 15%, 17%, and 12% [3] - The company is expected to maintain steady revenue and profit growth, with improving financial metrics such as decreasing debt-to-asset ratios and increasing liquidity ratios [3] - Lenovo's mixed AI strategy across AI terminals, infrastructure, and services is anticipated to continue benefiting from the global AI industry development [3][4]

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

国家知识产权局信息显示，联想（北京）有限公司申请一项名为"一种电子设备"的专利，公开号 CN121568368A，申请日期为2025年12月。 专利摘要显示，本申请公开了一种电子设备，包括能够沿目标路径产生风流的散热装置和设置在目标路 径的导风装置，导风装置包括主体、第一目标件和第二目标件，第一目标件与主体活动连接，第一目标 件具有相背设置的第一侧和第二侧，第一侧与主体形成第一腔体，第二侧与主体形成第二腔体，第二目 标件设置于第二侧，第一目标件能够相对于主体在第一位置和第二位置之间切换以至少调节第一腔体的 容纳高度，第二目标件能够相对于主体在第一状态和第二状态之间切换以至少调节第一腔体和第二腔体 的风流量。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1741条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，联想（北京）有限公司申请一项名为"一种存储单元逻辑阵列配置方法、电 子设备及系统"的专利，公开号CN121560238A，申请日期为2025年11月。 专利摘要显示，本申请公开了一种存储单元逻辑阵列配置方法、电子设备及系统，该方法包括：获取来 自于第一电子设备的全局配置参数；其中，全局配置参数用于定义适用于全部存储单元逻辑阵列的目标 配置状态参数；基于全局配置参数和第二电子设备的本地存储资源参数，确定适配第二电子设备的本地 配置参数；本地配置参数用于在第二电子设备上实现目标配置状态；其中第一电子设备和第二电子设备 处于共同群组中，且第一电子设备能够与第二电子设备通过带外管理系统进行通信以实现对第二电子设 备得管理；基于本地配置参数，配置第二电子设备的存储单元逻辑阵列。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有 ...

经济观察网 联想控股（03396.HK）股价在2026年2月23日出现显著上涨，主要原因与市场对其关联公司 联想集团近期动态的积极反应有关。 股价异动原因 根据中关村在线的报道，作为全球最大的个人电脑制造商，联想集团于2026年2月宣布，受人工智能驱 动数据中心建设导致DRAM供应短缺、成本持续走高的影响，计划自3月起上调部分台式机与笔记本电 脑产品的价格。这一举措被市场解读为联想集团能够将上游原材料成本压力有效传导至下游消费者，有 助于维持其盈利能力。受此消息影响，市场对联想集团及其控股公司联想控股的未来业绩预期有所改 善。 股票近期走势 截至2026年2月23日11:02，联想控股股价报8.95港元，较前一日收盘价8.38港元上涨6.80%。当日电脑器 材行业板块整体上涨2.69%，恒生指数上涨2.66%。 以上内容基于公开资料整理，不构成投资建议。 ...